USD exchange rate today (May 23): USD regains slight upward momentum

Meanwhile, in the US market, the US Dollar Index (DXY) measuring the greenback's fluctuations against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) increased by 0.34% to 99.90.

USD exchange rate today in the world

The US dollar rose on Friday after three straight days of declines, partly thanks to the passage of President Donald Trump’s tax and spending cuts bill by the House of Representatives, while the euro fell after data showed a bleak economic picture for the region.

President Trump’s sweeping tax bill would add to the nation’s ballooning debt. To offset some of the revenue lost from the new tax and spending cuts, the bill would slash Medicaid and SNAP, largely through work requirements.

DXY Index volatility chart over the past 24 hours. Photo: Marketwatch

The bill will now move to the Senate for consideration. If enacted, the Congressional Budget Office (CBO) estimates, it would result in about 8.6 million people losing Medicaid and an additional 3 million people losing SNAP each month.

The CBO also estimates that the bill’s tax provisions would increase the federal deficit by $3.8 trillion over a decade, while changes to Medicaid, SNAP and other services would save only about $1 trillion.

In afternoon trading, the US dollar edged up 0.1% against the Japanese yen, reaching 143.75 yen after falling to 142.80 yen, its lowest level since May 7.

The euro fell 0.3 percent against the greenback to $1.1293, after rising for three straight sessions. The preliminary HCOB composite purchasing managers’ index showed that euro zone business activity unexpectedly contracted this month.

In contrast, U.S. business activity rose in May, partly due to a deal between Washington and China that helped ease trade tensions. The U.S. Composite PMI, which tracks manufacturing and services, rose to 52.1 this month from 50.6 in April, according to S&P Global. A reading above 50 indicates expansion in the private sector.

Low weekly jobless claims also helped the greenback gain slightly as the labor market continued to show signs of stability. Initial state unemployment claims fell 2,000 to a seasonally adjusted 227,000 in the second week of May. Economists polled by Reuters had forecast 230,000 claims in the latest week.

Meanwhile, the pound was flat against the dollar at $1.3433, not far from a three-year peak of $1.3468 hit in the previous session, after rising inflation dampened expectations of a rate cut by the Bank of England.

Against the Swiss franc, the US dollar rose 0.5% to 0.8286 francs.

USD exchange rate today, May 23: USD regains slight upward momentum. Photo: Vietnamplus

USD exchange rate today in the country

In the domestic market, at the beginning of the trading session on May 23, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD decreased by 7 VND, currently at 24,955 VND.

* The reference exchange rate at the State Bank's transaction office has slightly decreased, currently at: 23,758 VND - 26,152 VND.

USD exchange rates at commercial banks are as follows: